The chain of restaurants in the UK owned by Irish celebrity chef Richard Corrigan recorded tasty increases in revenues and profits last year, according to accounts just filed with the companies office.
Richard Corrigan Restaurants Holdings Ltd posted a 3.9 per cent rise in turnover to £9.4 million in the year to the end of December 2013 while its after-tax profit rose to £609,841 from £361,066 in 2012.
The strategic report accompanying the financial statements described it as a “satisfactory year” for the group.
Shareholders funds rose to £1.9 million at the year end from £1.3 million in the previous 12 months. Its net current liabilities declined to £180,918 from £333,915 previously.
In spite of the improved trading performance, no dividend was paid by the group last year, unlike 2012 when a payment of £125,000 was paid to Mr Corrigan and fellow shareholder Goodhew SCR Ltd.
In addition, the accounts indicate that Mr Corrigan’s remuneration reduced last year to £250,759 from £310,000 in 2012. The employment costs associated with the group’s 140 staff amounted to £3.65 million last year, up marginally on the previous reporting period.
The restaurant group’s debts reduced to £230,839 last year from £583,133 in 2012. It closed the year with cash on its books of just more than £1 million.
The group benefitted from a deferred tax credit of £55,485, which had the effect of reducing its tax charge for the year to £86,475. This was just less than half the tax it paid in 2012.
Mr Corrigan, who was born in Dublin, has three restaurants in London - Corrigan's in Mayfair, Bentley's Oyster Bar and Grill, and Bentley's Sea Grill at Harrods.
